Drug firm Dr Reddy's Laboratories on Wednesday said it has entered into a definitive agreement with BioDelivery Sciences International, Inc., to sell its US and Canada territory rights for Elyxyb 25 mg/mL to the US-based firm.
Elyxyb is indicated for the acute treatment of migraine with or without aura in adults.
The company has entered into a definitive asset purchase agreement, pursuant to which it will sell its US and Canada territory rights for Elyxyb (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International, Inc (BDSI), Dr Reddy's said in a regulatory filing.
Under the terms of the pact, Dr Reddy's will receive $6 million upfront upon closing, followed by $9 million one year from closing. Further, it is eligible to receive event-based, sales-based milestones and quarterly earn-out payments, it added.
"Elyxyb is an oral solution dosage form which makes it convenient for patients to take it immediately upon emergence of migraine attacks.
"Further, we are confident in BDSl''s expertise and believe in their ability to realise the full potential of Elyxyb," Dr Reddy's Laboratories CEO Erez Israeli said.
Shares of Dr Reddy's Laboratories on Wednesday closed at Rs 4,771.30 per scrip on BSE, up 1.06 percent from its previous close.
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